Predicting the future condition of machine and assessing the remaining useful life are the center of prognostics. This paper contributes a new prognostic method based on grey model and survival probability. The first step of the method is building a normal condition model then determining the error indicator. In the second step, the survival probability value is obtained based on the error indicator. Finally, grey model coupled with one-step-ahead forecasting technique are employed in the last step. This work has developed a modified grey model in order to improve the accuracy of prediction. For evaluating the proposed method, real trending data of low methane compressor acquired from condition monitoring routine were employed.